Saga Secures $5 Million Seed Extension Round
The blockchain protocol Saga, with the aim of helping Web3 game developers launch their own blockchains, has recently announced a $5 million seed extension round spearheaded by the venture capital firm Placeholder. This investment brings Saga’s total funding to $13.5 million, and it comes just in time for the launch of its mainnet in January. Co-founder and CEO Rebecca Liao pointed to scalability as the main appeal of Saga, mentioning that blockspace is theoretically infinite because they can spin up as many chains as they like in parallel, similar to cloud infrastructure.
The funding round comes at a time when the crypto market appears to be warming up after a year of price declines. The Saga team is hopeful that transparency around user numbers after the launch will validate its technology. They’re also planning a token airdrop first for participating testnet developers and later for community members; however, the requirements will be quite high to deter opportunistic speculators.
Saga’s Chainlets for Scalability
While protocols like Ethereum and Solana are singular “monolithic” blockchains, Saga is designed to launch customizable parallel chains called “chainlets” for each application. These chainlets are already part of the infrastructure that makes Polygon “supernets” and Avalanche “subnets” possible. This scalability is important for attracting developers of high-performance applications like games, and so far Saga has nearly 300 projects building on its testnet code-named Pegasus.
Liao also explained that Saga aims to be a “general infrastructure platform” capable of serving many types of decentralized applications and that gaming will be key for driving mainstream crypto adoption. The main focus at the moment is on mobile gaming, as it puts the most strain on the infrastructure due to constant updates, high volume of transactions, and the performance requirements of the end user.
Hot Take: Saga’s Unique Scalability and Focus on Web3 Gaming
Saga’s approach to scalability through its customizable parallel chains, or “chainlets,” offers a unique solution for Web3 game developers. This, coupled with their strong focus on high-performance applications like gaming, positions them as a significant player in the Web3 space. By leveraging their mainnet launch and strategic funding, Saga has the potential to make a significant impact in the crypto and gaming sectors.
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